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(Reuters) – U.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour first-quarter earnings reports and economic data.
Exxon Mobil Corp (N:XOM) and Chevron Corp (N:CVX) shed between 3.6% and 4.3% in premarket trading as crude prices fell to levels last seen in 1999 on concerns of oversupply. [O/R]
Wall Street’s main indexes have rallied this month, with the S&P 500 (SPX) ending Friday with its biggest two-week percentage gain since 1974 on a raft of global stimulus and hopes the virus was nearing a peak in the United States.
The benchmark index is up 30% from its March trough, but is still about 15% off its all-time high and analysts have warned of a deep economic slump from the halt in business activity and millions of layoffs.
After U.S. banks kicked off the quarterly earnings season with painful forecasts for 2020, investors will keep a close watch on reports from Halliburton (N:HAL) on Monday as well as Delta Air Lines Inc (N:DAL), Southwest Airlines Co (N:LUV) and Netflix Inc (O:NFLX) later in the week.
Surveys on April U.S. manufacturing are due on Thursday.
At 06:22 a.m. EDT, Dow e-minis <1YMcv1> were down 372 points, or 1.52%, S&P 500 e-minis were down 41.5 points, or 1.43% and Nasdaq 100 e-minis were down 82.5 points, or 0.94%.
SPDR S&P 500 ETFs (P:SPY) were down 1.21%.
The S&P 500 index (SPX) closed up 2.68% at 2,874.56 on Friday.
